Splitit is a technology company that enables Merchants to offer installment plans to their customers. Your purchase agreement is always with the Merchant you bought from. Order status, delivery, returns, and refunds are handled by the Merchant, so always contact them first for these questions.
Upon plan creation, you will see two transactions on your card account:
- The total plan amount minus the first installment - this is a TEMPORARY transaction.
- This transaction verifies your card has enough available credit and will not be a charge you have to pay.
- It will drop from your account within 30 days, but often much sooner. The timeline is determined by your bank/card issuer - please contact them for questions on when the hold will be released.
- This authorization is a required part of the process and happens with other types of purchases like gasoline, hotels, etc. A valid authorization must be secured to create an installment plan.
- The first installment amount and it is charged now.
- Future installments will be charged on the same date each month.
If for any reason a monthly payment is declined, we will email you to let you know. We will send two reminders to update your card, but if after 7 total days, the transaction is still declined, we will charge your card with the monthly payment using the authorization that was taken when your plan started.
You can also watch this short video that explains how your plan works!
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